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| --- | --- | --- |
|   | (i) | **Initiating Claims:** contain a provision entitling any Indemnitee to initiate a claim under any policy in the event of the refusal or failure of Lessee to do so; and
 |

  




|  |  |  |
| --- | --- | --- |
|   | (j) | **Indemnities:** accept and insure the indemnity provisions of the Lease to the extent of the risks covered by the policies.  |

  




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| --- | --- |
| 1.5 | **Deductibles**  |

  

 Lessee shall be responsible for any and all deductibles under the Insurance. 

  




|  |  |
| --- | --- |
| 1.6 | **Application of Insurance Proceeds**  |

  

 The Insurance will be endorsed to provide for payment of proceeds as follows: 

  




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| --- | --- | --- |
|   | (a) | **Event of Loss:** all Hull All Risk Insurance, All Risk Spares Insurance and Hull War and Allied Perils Insurance proceeds received as the result of an Event of Loss occurring
during the Term up to but not exceeding the Agreed Value will be paid to Lessor and, the balance of such proceeds in excess of the Agreed Value will be paid to Lessee;  |